Avaada Group to Invest Rs 40,000 Crore in 6,000 MW Gujarat Renewable Projects

By siliconindia  |  Monday, 15 January 2024, 03:07:39 PM IST

Avaada Group to Invest Rs 40,000 Crore in 6,000 MW Gujarat Renewable Projects
Avaada Group, a prominent Indian energy company, declared a Rs 40,000 crore investment for the establishment of 6000 megawatts (MW) hybrid wind-solar energy projects in Gujarat. The announcement came through the signing of a Memorandum of Understanding (MoU) with the state government during the Vibrant Gujarat Summit 2024.
The proposed projects, predominantly situated in the underdeveloped wastelands of Kutch, are projected to produce approximately 17.5 billion units of eco-friendly electricity annually. This endeavor is expected to result in an annual reduction of around 16.3 million tons of carbon emissions, thereby contributing to powering nearly 12.6 million households in India. Beyond the environmental advantages, the initiatives are predicted to generate approximately 1,200 employment opportunities, fostering local and regional economic growth.
Vineet Mittal, the Chairperson of Avaada Group, underscored the global imperative for sustainable energy solutions, stating that renewable energy, along with green hydrogen and its derivatives, is emerging as a vital alternative to fossil fuels. He emphasized Gujarat's potential in this sector due to its natural resources and geographical advantages. The agreement signifies a substantial expansion of Avaada Group's footprint in Gujarat, where it already has around 2 GW of projects either operational or in various stages of development.

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